Wednesday, January 20, 2010

Tom Campbell on the National Debt

Campbell is a former Congressman, State Senator, and State Director of Finance under Governor Schwarzenegger.  He is seeking the Republican nomination for US Senate in 2010 to take on Barbara Boxer.

America’s national debt is an economic burden, a moral failing, and a foreign policy vulnerability. It’s the single most important problem we face, and that’s why I’m running for the US Senate. 

The sheer dimension of the federal budget deficit, and debt, is almost beyond comprehension. We owe 12 trillion dollars. Our entire economy produces 14 trillion every year. So, we’ve now borrowed the value of almost an entire year’s production  of every good and service by every worker in America. If we stopped borrowing today, and tried to pay back what we owe at the rate we’ve been paying it back, it would take 293 years.

Every child born in our country inherits a $40,000 obligation to pay back money her or his parents borrowed. That’s the moral issue. Parents should save to give something to their children. The federal government, however, has done the opposite. It has borrowed from our children, to buy favor with current voters. That’s immoral.

Read the whole thing.

Posted via email from The Blue Pelican

No comments: